For Wednesday, June 17 TheStreet outlines the busiest day of the week with the Federal Open Market Committee meeting announcement, Fitbit’s (FIT) IPO debut, notable earnings, and key economic data. Wall Street will be watching the FOMC as it wraps up its policy meeting. Fed chair Janet Yellen is scheduled to hold a news conference after the conclusion of the meeting. Economists believe the Fed will hike rates for the first time in nearly a decade in September. Also, Fitbit makes its debut on the trading floor of the New York Stock Exchange. The wearable fitness tracker increased its expected pricing of its initial public offering on Tuesday to $17 to $19 a share, from its prior $14 to $16 range. The market cap of the company is now roughly $4.5 billion. On the earnings front, we note quarterly earnings reports from shipping company FedEx Corp (FDX), Oracle Corp (ORCL), Pier 1 Imports Inc (PIR). FedEx is scheduled to release its results before the opening bell, while Oracle and Pier 1 Imports will report after the market closes. On the economic calendar, Wall Street awaits MBA mortgage applications, the EIA petroleum status report in the morning, and the highly anticipated FOMC meeting announcement in the afternoon. The committee will also release with its forecasts for the economy, followed by Fed chairwoman Janet Yellen’s press conference. Yellen is expected to address the forecasts and Fed policy in general. She has said the committee plans to raise interest rates this year. Economists believe the Fed will hike rates for the first time in about a decade in September. For the latest financial news and updates from Wall Street, check back on TheStreet.com throughout the day. TheStreet’s Kurumi Fukushima reports in New York.
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